I am hoping to move into my new home in Small Heath next Monday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Small Heath.
What is the difference between a licensed conveyancer and conveyancing solicitor in Small Heath
There are many registered licenced Conveyancers in Small Heath and Solicitor partnerships in Small Heath to choose from We would stress that the two are regulated professionals specialising in the legal work in the home buying process. They may both also deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We expect to receive a AIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Small Heath solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Small Heath solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
It is not clear whether my bank requires a lease extension. I have called my Small Heath building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Small Heath conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The property lawyer has to comply with the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I acquired my flat on 3 July and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Small Heath advises it should be dealt with in less than a month. Are properties in Small Heath particularly slow to register?
As far as conveyancing in Small Heath registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can differ subject to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. Currently approximately 80% of such applications are fully dealt with within 12 days but occasionally there can be longer delays. Registration is effected after the new owner is living at the premises therefore an expedited registration is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
Should I be wary by brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Small Heath conveyancing firm?
As is the case with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. But there are many parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks may put forward lawyers to instruct. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that the majority of mortgage providers operate an approved list of solicitors you must use for the lender related work in your home move.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Small Heath. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Small Heath ?
Most houses in Small Heath are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Small Heath in which case you should be looking for a Small Heath conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
I acquired a split level flat in Small Heath, conveyancing having been completed April 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Small Heath with an extended lease are worth £175,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2076
With just 58 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.